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We have a CalHFA loan and would like to refinance.

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I hear you can refinance without an appraisal with the FHA Streamline. Can we refinance a CalHFA with an FHA? If not, do we have any other options. We owe more than it's worth of course. We have a great rate with CalHFA but need to rent it out. CalHFA wont let us rent it even though we will not be making a profit. Any advice? :)
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October 16 - San Diego
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Profile picture for Palmdale Mortgage
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Since November 2009

contact calhfa and see what programs they have available.
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November 06
Profile picture for Courtesy Mortgage
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Since January 2009

If you are upside down, you will not have many options, unless you can pay down principal.   CALHFA includes a rider that you must occupy the property for the life of the loan.   There are no refinance programs over 100% of value for existing CALHFA loans.

FHA would be your best chance, but again you would need to bring money into closing.
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October 16
Profile picture for SDMortgagefinder.com
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Since July 2009

Contact a good FHA Lender here in San Diego.  Why do you want to refi with such a good rate.  It has been a while since I did your type of loan, but as I remember, you may have some penalties by terminating the loan early.

Best to check with a local expert on FHA.

Good Luck.
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October 16
 

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